Gold Market Commentary for May 2023 by WGC released

Gold Market Commentary by World Gold Council for the month of May 2023 was released.

Key highlights include:

Gold fell 0.9% in May mostly on USD strength but global gold ETFs added to holdings for the third month in a row

Looking forward, a likely rate hike in the US could be a short-term drag for gold but the Fed is likely to pause in coming months giving gold a respite

In addition, while financial markets calmed after the debt-ceiling was extended, its long-term implications could be gold friendly.

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